AK SB49

Reduces delinquent tax interest rate from 5 percentage points above Federal Reserve rate to 3 percentage points, with 11 percent annual floor and lesser-of comparison, while maintaining 12 percent flat rate for delinquent fees and unclaimed property.

Replaces fixed 25 percent oil and gas production tax rate with progressive incremental rates ranging from 25.0 percent to 50.0 percent based on production tax value per BTU equivalent barrel for properties in production or commercial operation as of December 31, 2010.

Establishes monthly installment payments of estimated oil and gas production tax due on last day of following month, calculated using incremental tax rates and specific categories of oil and gas production.

Allows unlimited application of 20 percent tax credit for qualified capital expenditures and 40 percent tax credit for well lease expenditures (removing previous 50 percent single-year cap restrictions) and eliminates requirement for two separate transferable tax credit certificates.

Shortens tax assessment limitation period from six years to four years and applies changes to oil and gas produced after December 31, 2012 (with some provisions effective January 1, 2012 or January 1, 2014).